Common use of Form of Performance Security Clause in Contracts

Form of Performance Security. The form of the Performance Security and Operating Security is set forth beginning on the following page. SCHEDULE 7-­‐1 PERFORMANCE SECURITY IRREVOCABLE STANDBY LETTER OF CREDIT [Letterhead of Issuer] [Agency] [Address] Place: [●] Standby Letter of Credit No. [●] Date: [●] Dear Sirs: KNOW ALL MEN BY THESE PRESENTS that we, the Agency, a corporation organized and existing under the laws of the Republic of the Philippines (the “Issuer”), hereby establish our Irrevocable Standby Letter of Credit No. [●] (the “Letter of Credit”) in your favor and for the account of [insert name of Company] (“Company”) relating to the obligations of Company from the Signature Date until the Provisional Operations Start Date under the Concession Agreement dated [●] (the “Agreement”) between yourselves (the “Agency”) and the Company. Capitalized terms used in this Letter of Credit shall have the meanings given to them in the Agreement except as otherwise expressly defined herein.

Form of Performance Security. The form forms of the Performance Security and the Operating Security is are set forth beginning on the following page. [The remainder of this page has been intentionally left blank.] SCHEDULE 7-­‐1 D-1 PERFORMANCE SECURITY FORM OF IRREVOCABLE STANDBY LETTER OF CREDIT [Letterhead of IssuerBank] [Agency] [Address] Place: [●] Name of Agency Address Standby Letter of Credit No. [●] Date: [●] Dear Sirs: KNOW ALL MEN BY THESE PRESENTS Know All Men by These Presents that we, the Agency[•], a corporation organized and existing under the laws of the Republic of the Philippines (the “Issuer”), hereby establish our Irrevocable Standby Letter of Credit No. [●] •+ (the “Letter of Credit”) in your favor and for the account of [insert name of the Company] (the “Company”) relating to the obligations of the Company from the Signature Date until the Provisional Operations Start Date under the Concession [name of Agency] Information and Communications Technology Modernization Agreement dated [●] •+ (the “Agreement”) between yourselves (the “Agency”) and the Company. Capitalized terms used in this Letter of Credit shall have the meanings given to them in the Agreement except as otherwise expressly defined herein.

Form of Performance Security. The form of the Performance Security and Operating Security is set forth beginning on the following page. SCHEDULE 7-­‐1 PERFORMANCE SECURITY IRREVOCABLE STANDBY LETTER OF CREDIT [Letterhead of Issuer] [Agency] [Address] Place: [●] Standby Letter of Credit No. [●] Date: [●] Dear Sirs: KNOW ALL MEN BY THESE PRESENTS that we, the Agency, a corporation organized and existing under the laws of the Republic of the Philippines (the “Issuer”), hereby establish our Irrevocable Standby Letter of Credit No. [●] (the “Letter of Credit”) in your favor and for the account of [insert name of Company] Company+ (“Company”) relating to the obligations of Company from the Signature Date until the Provisional Operations Start Date under the Concession Agreement dated [●] (the “Agreement”) between yourselves (the “Agency”) and the Company. Capitalized terms used in this Letter of Credit shall have the meanings given to them in the Agreement except as otherwise expressly defined herein.

Form of Performance Security. The form forms of the Performance Security and the Operating Security is are set forth beginning on the following page. [The remainder of this page has been intentionally left blank.] SCHEDULE 7-­‐1 D-1 PERFORMANCE SECURITY FORM OF IRREVOCABLE STANDBY LETTER OF CREDIT [Letterhead of IssuerBank] [Agency] [Address] Place: [●] Name of LGU Address Standby Letter of Credit No. [●] Date: [●] Dear Sirs: KNOW ALL MEN BY THESE PRESENTS that we, the Agency[], a corporation organized and existing under the laws of the Republic of the Philippines (the “Issuer”), hereby establish our Irrevocable Standby Letter of Credit No. [●] + (the “Letter of Credit”) in your favor and for the account of [*insert name of the Company] (the “Company”) relating to the obligations of the Company from the Signature Date until the Provisional Operations Start Date under the Concession [name of LGU] Ecological Solid Waste Management Agreement dated [●] + (the “Agreement”) between yourselves (the “Agency”) and the Company. Capitalized terms used in this Letter of Credit shall have the meanings given to them in the Agreement except as otherwise expressly defined herein.

Form of Performance Security. The form forms of the Performance Security and the Operating Security is are set forth beginning on the following page. [The remainder of this page has been intentionally left blank.] SCHEDULE 7-­‐1 D-1 PERFORMANCE SECURITY FORM OF IRREVOCABLE STANDBY LETTER OF CREDIT [Letterhead of IssuerBank] [Agency] [Address] Place: [●] Name of Agency Address Standby Letter of Credit No. [●] Date: [●] Dear Sirs: KNOW ALL MEN BY THESE PRESENTS that we, the Agency[], a corporation organized and existing under the laws of the Republic of the Philippines (the “Issuer”), hereby establish our Irrevocable Standby Letter of Credit No. [●] + (the “Letter of Credit”) in your favor and for the account of [insert name of the Company] (the “Company”) relating to the obligations of the Company from the Signature Date until the Provisional Operations Start Date under the Concession [name of Agency] Information and Communications Technology Modernization Agreement dated [●] + (the “Agreement”) between yourselves (the “Agency”) and the Company. Capitalized terms used in this Letter of Credit shall have the meanings given to them in the Agreement except as otherwise expressly defined herein.